Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
QDB signs MoU with Global Ventures
The collaboration is expected to boost private sector in Qatar.
Business
Economy
UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...
- The network released a guidebook that will be a reference for national institutions to craft initiatives aligning with global transformation trends
- The platform will encourage government entities to adopt future-proof practical projects, prioritize future-supporting projects and support cooperation
Economy
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...
- The apex bank noted the strong liquidity and funding positions of the UAE banking system in the first quarter of 2023, supported by strong deposit growth
- It revealed that the net NPL ratio moderated from the peak during the Covid-19 pandemic to 2.9 percent in Q1, showing a rise in credit growth and a fall in NPLs
Business
TAQA to buy SWS Holding
The energy company will pay US$462 million for the buyout.
- TAQA will pay 50 percent of the amount on completion of the deal and the remaining 50 percent will be paid a year later
- The acquisition is expected to add some US$4.35 billion to TAQA's exisiting regulated asset value of approximately US$20.42 billion
Business
QSE unveils new trading system
It is expected to propel Qatar as an investment hub.
- The new platform aligns with the advanced financial market technologies deployed by exchanges like London Stock Exchange Group
- A multi-asset, multi-market, trading platform, it will provide wide support a range of asset classes including equity, fixed income, and derivatives
Geostrategy
Kuwait crown prince exhorts new MPs to focus on reforms
Kuwait City, Kuwait-- Kuwait's Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah urged parliament members to focus on reforms "for the...
- The crown prince in his address to parliament urged MPs to concentrated on reforms in a new phase full of aspirations and hopes to achieve a prosperous future
- Noting with pride how the world was praising the democratic practices in Kuwait, he called on MPs to cooperate with the government in order to address all sources of tension
Geostrategy
Iran’s foreign minister arrives in Qatar to boost ties
Tehran, Iran-- Looking to give a further boost to the relations between the two countries, Iran's Foreign Minister Hossein Amir-Abdollahian...
- The foreign minister in a tweet said that his visits to Qatar and Oman will look to promote relations and follow up on the agreements reached between officials
- His visit to Qatar follows a trip by Iran's central bank governor to Doha, who reviewed banking and economic cooperation with Qatari officials
Economy
Islamic banks’ assets climb up to US$177bn in Q1 of 2023: CBUAE
Abu Dhabi, UAE--Gross assets of the Sharia-compliant banks in the UAE climbed to $177 billion by the end of the...
- According to the CBUAE, there was an increase in Islamic banks' credit to US$109 billion toward the end of March 2023, an annual growth of 2.51 percent
- The apex bank noted the jump in the Islamic banks' deposits to US$123.45 billion in March 2023, an annual rise of 6.2 percent, from nearly US$116.26bn in March 2022
Interview
US supports China’s bid to advance Middle East peace
Saudi-Iran peace deal will reduce tensions in the region and would solve some of the problems if not all, says...
- Blinken spoke of his recent visit to the Middle East where he met with the GCC leaders who, according to him, still see the US as the preferred partner
- On Taiwan, Blinken said the US has real concerns about the direction it has taken and blamed China for what he called as reckless actions
Geostrategy
UAE, Qatar restore ties, after six-year-long estrangement
According to Qatar's foreign ministry, Doha will reopen embassy in Abu Dhabi and its consulate in Dubai immediately. The UAE...
- Qatar foreign ministry said that the restoration of ties represents the will of both countries' leadership to strengthen join Arab collaboration
- Nearly six years back, Saudi Arabia, the UAE, Bahrain, and Egypt cut off ties with Qatar over accusations that it supported terrorism, a charge Doha denied
Economy
Iran-EAEU free trade zone agreement can be signed by year’s end: Russian deputy PM
Tehran, Iran-- A free trade zone agreement between Iran and the Eurasian Economic Union (EAEU) will be signed before the...
- According to the deputy prime minister, Russia was in talks with "friendly" countries like Egypt, India, Indonesia, and the UAE as they are growing markets
- He said negotiations for an agreement like this were complex and that the negotiators have to take into account a lot of different interest of member states
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Masdar completes acquisition of 49% stake in Dogger Bank South project
Abu Dhabi, UAE--Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3...
Economy
Company News
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Gulf Air hit by data breach
Economy
UAE stocks generate over US$272m cash flows on Monday
Abu Dhabi, UAE--UAE stocks generated strong cash flows Monday, with market liquidity surpassing $272 million. International Holding Company (IHC) and...
Business
Most Read
Economy
Kuwait’s annual inflation jumps to 3.79% in November
According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups...
- There was a 6.86% jump in the clothing group and a 3.13% rise in housing services
- Culture and entertainment sectors surged by 3.54%, and education costs rose by 0.72%
Geostrategy
Number of journalists killed in Israel’s war on Gaza rises to 100
Dubai, UAE-- At least 100 journalists have been killed since Israel’s war on Gaza began on October 7, according to...
- According to the media office in Gaza, Muhammed Abu Hweidy was the latest to be killed in an Israeli air raid on his home in Gaza on Saturday
- The media office added that the number of journalists killed has risen to 100, men and women, since the start of the brutal war on the Gaza Strip
Business
Export Bahrain and HKTDC sign agreement to ramp up trade ties
Manama, Bahrain--Export Bahrain and Hong Kong Trade Development Council (HKTDC) have signed a strategic partnership agreement to strengthen trade ties...
- The agreement between the two sides looks to foster mutually beneficial trade and economic cooperation
- As per the dea, both sides will facilitate access to a wide range of opportunities for enterprises in both countries